The filing comes on the heels of news last week that a court sided with SouthPeak Interactive, publisher of the original Section 8, which said that it is owed an "unknown" amount related to that game publishing deal. TimeGate tried to appeal a decision that came out of arbitration related to the 2009 lawsuit. That arbitration led to a $7.35 million judgment against the developer and a loss of the Section 8 license. In April the Court of Appeals reversed a lower court decision that sided with TimeGate related to the Section 8 franchise and the arbitration ruling.

Polygon reports that the petition filed by TimeGate contains a list of "less than 50 creditors" that it owes money to in the $10 - $50 million range. TimeGate mentions Unreal Engine developer Epic Games, online game service Agora Games and transmedia developer DJ2 Entertainment as creditors of note.

TimeGate Studios announced a video game project called Minimum in April. That is likely on hold in the short term, at least..